Iowa Wesleyan University: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- Iowa Wesleyan University (EIN 42-0680332)
- Tax period
- 2023-06-01 to 2024-05-31
- Filed
- 2025-03-10
- IRS object ID
- 202520719349300327
- Schema version
- 2023v6.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2025-03-10T19:59:37-04:00 | ReturnTs |
| Tax Period End | 2024-05-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 271176164 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Riverview Financial Group PC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 709 1st Street PO Box 515 | AddressLine1Txt |
| City | Keosauqua | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 52565 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-06-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 420680332 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Iowa Wesleyan University | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | IOWA | BusinessNameControlTxt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1570 235th Street | AddressLine1Txt |
| City | Mount Pleasant | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 52641 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Robert A Miller | PersonNm |
| Person Title | Chairman | PersonTitleTxt |
| Phone | 3199313887 | PhoneNum |
| Signature | 2025-03-10 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | Yes (true) | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Janice S Towne | PreparerPersonNm |
| PTIN | P00770311 | PTIN |
| Phone | 3192937176 | PhoneNum |
| Preparation | 2025-03-10 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Final Return | Yes (X) | FinalReturnInd |
| Principal Officer | Robert Miller | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1570 235th Street | AddressLine1Txt |
| City | Mount Pleasant | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 52641 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $2,810,077 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Group Exemption | 2573 | GroupExemptionNum |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | NA | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1842 | FormationYr |
| Legal Domicile State | IA | LegalDomicileStateCd |
| Activity Or Mission | The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. Please refer to Schedule A Part VI for additional information. | ActivityOrMissionDesc |
| Contract Termination | Yes (X) | ContractTerminationInd |
| Voting Members Governing Body | 6 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 6 | VotingMembersIndependentCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Total Gross UBI | -$755 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $1,362,765 | PYContributionsGrantsAmt |
| CY Contributions Grants | $70,071 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $26,859,398 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $0 | CYProgramServiceRevenueAmt |
| PY Investment Income | $98,245 | PYInvestmentIncomeAmt |
| CY Investment Income | -$15,603,813 | CYInvestmentIncomeAmt |
| PY Other Revenue | $36,432 | PYOtherRevenueAmt |
| CY Other Revenue | $1,151 | CYOtherRevenueAmt |
| PY Total Revenue | $28,356,840 | PYTotalRevenueAmt |
| CY Total Revenue | -$15,532,591 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $14,084,383 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $9,047,079 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $0 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $9,725,518 | PYOtherExpensesAmt |
| CY Other Expenses | $261,250 | CYOtherExpensesAmt |
| PY Total Expenses | $32,856,980 | PYTotalExpensesAmt |
| CY Total Expenses | $261,250 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | -$4,500,140 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$15,793,841 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $28,364,630 | TotalAssetsBOYAmt |
| Total Assets EOY | $0 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $29,406,672 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $0 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | -$1,042,042 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $0 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. Please refer to Schedule A Part VI for additional information. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | Yes (true) | SignificantChangeInd |
| Desc | The University is closed and operations ceased May 31, 2023. This return is to report liquidation of assets. | Desc |
| Described In Section501c3 | Yes (true) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (true) | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | Yes (true) | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | Yes (true) | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | false | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | false | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | false | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | Yes (true) | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | false | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | Yes (true) | TerminateOperationsInd |
| Partial Liquidation | Yes (true) | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | false | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 1 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 0 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | false | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | Yes (true) | Form8282PropertyDisposedOfInd |
| Form8282 Filed | 0 | Form8282FiledCnt |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Form8899 Filedind | false | Form8899Filedind |
| Form1098 C Filed | false | Form1098CFiledInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 6 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 6 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | Yes (true) | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | false | MembersOrStockholdersInd |
| Election Of Board Members | false | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | false | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | false | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | false | CompensationProcessCEOInd |
| Compensation Process Other | false | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Robert Miller | PersonNm |
| Phone | 3199313887 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1570 235th Street | AddressLine1Txt |
| City | Mount Pleasant | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 52641 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| No Listed Persons Compensated | Yes (X) | NoListedPersonsCompensatedInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (6 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|---|
| Elizabeth Garrels | |||||||
| Secratery | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Denise Johnson | |||||||
| Trustee | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Robert Meyer | |||||||
| Treasurer | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Jason Bender | |||||||
| Trustee | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Robert Miller | |||||||
| Chair | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Byron Johnson | |||||||
| Vice Chair | 1.00 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $0 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 0 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | false | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp
Contractor Name ContractorName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Eurosource LLC | PersonNm |
Contractor Address ContractorAddress
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 809 Wheeler St | AddressLine1Txt |
| City | Ames | CityNm |
| State Abbreviation | IA | StateAbbreviationCd |
| ZIP | 50010 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Services | Liquidation Managm | ServicesDesc |
| Compensation | $156,997 | CompensationAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 1 | CntrctRcvdGreaterThan100KCnt |
| All Other Contributions | $70,071 | AllOtherContributionsAmt |
| Total Contributions | $70,071 | TotalContributionsAmt |
Gross Rents GrossRentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $2,200 | RealAmt |
Less Rental Expenses LessRentalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $2,955 | RealAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | -$755 | RealAmt |
Net Rental Income Or Loss NetRentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$755 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | -$755 | UnrelatedBusinessRevenueAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $2,735,900 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $18,339,713 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$15,603,813 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$15,603,813 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$15,603,813 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| Refund Insurance | 524126 | $1,118 | $1,118 |
| Refund Auto | 524126 | $233 | $233 |
| Misc Refunds | 531390 | $555 | $555 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,906 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$15,532,591 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$15,601,907 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | -$755 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Fees For Services Management FeesForServicesManagementGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $563 | TotalAmt |
| Management And General | $563 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $31,698 | TotalAmt |
| Management And General | $31,698 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,850 | TotalAmt |
| Management And General | $6,850 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $156,997 | TotalAmt |
| Management And General | $156,997 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $416 | TotalAmt |
| Management And General | $416 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $15,946 | TotalAmt |
| Management And General | $15,946 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,586 | TotalAmt |
| Management And General | $5,586 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $150 | TotalAmt |
| Management And General | $150 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|
| Maintenance | $10,830 | $10,830 |
| Prior Debts Paid | $17,710 | $17,710 |
| Student MembershipsMedals | $13,500 | $13,500 |
| Misc labor paid post closing | $1,004 | $1,004 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $261,250 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $261,250 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $63,161 | BOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $416,071 | BOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,660 | BOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,000 | BOYAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,272,713 | BOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $769,285 | BOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,817,740 | BOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,364,630 | BOYAmt |
| EOY | $0 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,262,400 | BOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,033,714 | BOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $110,558 | BOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $29,406,672 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$21,088,573 | BOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $20,046,531 | BOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$1,042,042 | BOYAmt |
| EOY | $0 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $28,364,630 | BOYAmt |
| EOY | $0 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$15,793,841 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $16,835,883 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | false | FSAuditedInd |
| Federal Grant Audit Required | Yes (true) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (true) | FederalGrantAuditPerformedInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| School | Yes (X) | SchoolInd |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | General Explanation Attachment | FormAndLineReferenceDesc |
| Explanation | In March 2023, the University announced that it would cease operations on May 31, 2023. All of the employees were released when operations ceased and the remaining board of trustees were involved during the fiscal year ended May 31, 2024 to oversee the liquidation, termination and dissolution of the University which included the dispostion of all assets during this final fiscal year. All of the Universitys assets were subject to the collateral terms of the credit agreements with the USDA and Two Rivers Bank and the net proceeds from the disposition of the assets were assigned to these creditors. The Iowa State Secretary of State acknowledged receipt of the Articles of Dissolution of the University on May 10, 2024. Prior to ceasing all operations on May 31, 2023, the University operated as a school as described in Section 170(b)(1)(A)(ii). The asnwers to the questions listed on Schedule E of this return reflect the policies and procedures of the University in effect prior to the cessation of all operations on May 31, 2023. | ExplanationTxt |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Collection Used Pub Exhibition | Yes (X) | CollectionUsedPubExhibitionInd |
| Coll Used Scholarly Rsrch | Yes (X) | CollUsedScholarlyRsrchInd |
| Collection Used Preservation | Yes (X) | CollectionUsedPreservationInd |
| Solicited Assets Sale | false | SolicitedAssetsSaleInd |
CY Endwmt Fund CYEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $16,779,159 | BeginningYearBalanceAmt |
| Other Expenditures | $16,779,159 | OtherExpendituresAmt |
CY Minus1 Yr Endwmt Fund CYMinus1YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $16,811,500 | BeginningYearBalanceAmt |
| Contributions | $124,572 | ContributionsAmt |
| Investment Earnings Or Losses | -$156,913 | InvestmentEarningsOrLossesAmt |
| End Year Balance | $16,779,159 | EndYearBalanceAmt |
CY Minus2 Yr Endwmt Fund CYMinus2YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $16,134,739 | BeginningYearBalanceAmt |
| Contributions | $1,131,270 | ContributionsAmt |
| Investment Earnings Or Losses | -$426,727 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $27,782 | OtherExpendituresAmt |
| End Year Balance | $16,811,500 | EndYearBalanceAmt |
CY Minus3 Yr Endwmt Fund CYMinus3YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $14,897,098 | BeginningYearBalanceAmt |
| Contributions | $17,334 | ContributionsAmt |
| Investment Earnings Or Losses | $1,275,309 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $55,002 | OtherExpendituresAmt |
| End Year Balance | $16,134,739 | EndYearBalanceAmt |
CY Minus4 Yr Endwmt Fund CYMinus4YrEndwmtFundGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Beginning Year Balance | $15,082,077 | BeginningYearBalanceAmt |
| Contributions | $99,861 | ContributionsAmt |
| Investment Earnings Or Losses | -$104,840 | InvestmentEarningsOrLossesAmt |
| Other Expenditures | $180,000 | OtherExpendituresAmt |
| End Year Balance | $14,897,098 | EndYearBalanceAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Endowments Held Unrelated Org | Yes (true) | EndowmentsHeldUnrelatedOrgInd |
| Endowments Held Related Org | false | EndowmentsHeldRelatedOrgInd |
Schedule E IRS990ScheduleE
| Field | Value | IRS element (for citing) |
|---|---|---|
| Nondiscriminatory Policy Stmt | Yes (true) | NondiscriminatoryPolicyStmtInd |
| Policy Stmt In Brochures Etc | Yes (true) | PolicyStmtInBrochuresEtcInd |
| Plcy Pblczd Via Broadcast Media | Yes (true) | PlcyPblczdViaBroadcastMediaInd |
| Maintain Racial Comp Recs | Yes (true) | MaintainRacialCompRecsInd |
| Maintain Scholarships Recs | Yes (true) | MaintainScholarshipsRecsInd |
| Maintain Cpy Of Brochures Etc | Yes (true) | MaintainCpyOfBrochuresEtcInd |
| Maintain Cpy Of All Sol | Yes (true) | MaintainCpyOfAllSolInd |
| Discriminate Race Stdnts Rghts | false | DiscriminateRaceStdntsRghtsInd |
| Discriminate Race Admiss Plcy | false | DiscriminateRaceAdmissPlcyInd |
| Discriminate Race Emplm Fculty | false | DiscriminateRaceEmplmFcultyInd |
| Discriminate Race Schs | false | DiscriminateRaceSchsInd |
| Discriminate Race Educ Plcy | false | DiscriminateRaceEducPlcyInd |
| Discriminate Race Use Of Fclts | false | DiscriminateRaceUseOfFcltsInd |
| Discriminate Race Athlt Prog | false | DiscriminateRaceAthltProgInd |
| Discriminate Race Other Acty | false | DiscriminateRaceOtherActyInd |
| Government Financial Aid Rcvd | Yes (true) | GovernmentFinancialAidRcvdInd |
| Government Financial Aid Rvkd | false | GovernmentFinancialAidRvkdInd |
| Compliance With Rev Proc7550 | Yes (true) | ComplianceWithRevProc7550Ind |
Schedule N IRS990ScheduleN
Liquidation Of Assets Table LiquidationOfAssetsTableGrp
Liquidation Of Assets Detail LiquidationOfAssetsDetail (29 entries)
| Assets Distri Or Expnss PaidAssetsDistriOrExpnssPaidDesc | DistributionDistributionDt | Fair Market Value Of AssetFairMarketValueOfAssetAmt | Method Of FMV DeterminationMethodOfFMVDeterminationTxt | Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd |
|---|---|---|---|---|---|---|---|
| Mount Pleasant Community School Dis | |||||||
| Chapel 609 N Main St | 2024-01-05 | $170,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mount Pleasant Community School Dis | |||||||
| Howe Student Center 508 N Broadway | 2024-01-05 | $600,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mount Pleasant Community School Dis | |||||||
| Student Union 508 N Broadway | 2024-01-05 | $150,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mount Pleasant Community School Dis | |||||||
| PEO Building 513 N Main | 2024-01-05 | $110,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mount Pleasant Community School Dis | |||||||
| Old Main 513 N Main | 2024-01-05 | $80,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mount Pleasant Community School Dis | |||||||
| Pioneer Hall 612 N Broadway | 2024-01-05 | $25,000 | Offer | 307 E Monroe Street | Mount Pleasant | IA | 52641 |
| Mt Pleasant Utilities | |||||||
| Old Gym-510N Main | 2024-05-31 | $50,000 | Offer | Main St | Mount Pleasant | IA | 52641 |
| Mt Pleasant Utilities | |||||||
| Physical Plant Shop 506 N Main | 2023-12-27 | $43,000 | appraisal | Main St | Mount Pleasant | IA | 52641 |
| IWU Mt Pleasant LLC | |||||||
| Nemitz Suites 603 N Adams | 2023-10-17 | $200,000 | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 |
| IWU Mt Pleasant LLC | |||||||
| Science Building 610 N Main | 2024-10-17 | $50,000 | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 |
| Traction Steam | |||||||
| Library 107 W Broad | 2024-01-03 | $160,000 | Offer | 107 W Broad | Mount Pleasant | IA | 52641 |
| SW Holdings LLC | |||||||
| Willis Wrestling Facility 205 East Taft | 2023-11-17 | $230,000 | Offer | PO Box 326 | Mount Pleasant | IA | 52641 |
| Harlan Lincoln House Inc | |||||||
| Harlan Lincoln 101 W Broad | 2023-09-12 | $98,000 | appraisal | W Broad | Mount Pleasant | IA | 52641 |
| Blaine Rodgers | |||||||
| Presidents House 611 East Washington | 2023-08-29 | $215,000 | Offer | 611 E Washington St | Mount Pleasant | IA | 52641 |
| Keith Kramer | |||||||
| Rental 505 N Broadway | 2023-11-17 | $90,000 | Offer | 505 N Broadway St | Mount Pleasant | IA | 52641 |
| Yorke Prough | |||||||
| Rental 507 N Broadway | 2023-09-05 | $146,000 | Offer | 507 N Broadway St | Mount Pleasant | IA | 52641 |
| Adalberto Ruiz De Chavez Lutz | |||||||
| Rental 503 N Broadway | 2023-08-24 | $70,000 | Offer | 503 N Broadway St | Mount Pleasant | IA | 52641 |
| Jorge Cordona Ortiz | |||||||
| Rental 205 W Franklin | 2023-08-24 | $92,500 | Offer | 205 W Franklin | Mount Pleasant | IA | 52641 |
| Zachary Boecker | |||||||
| Rental 111 W Broad | 2023-10-20 | $105,000 | Offer | 611 Palm Ave | Mount Pleasant | IA | 52641 |
| IWU Mt Pleasant LLC | |||||||
| McKibbin Hall 204 W Pearl | 2023-10-17 | $20,000 | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 |
| IWU Mt Pleasant LLC | |||||||
| S-T Hall 607 N Broadway | 2023-10-17 | $20,000 | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 |
| IWU Mt Pleasant LLC | |||||||
| Hershey WestHall 600 N Jackson 601 N Broadway | 2023-10-17 | $10,000 | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 |
| County Ridge Builders LLC | |||||||
| Jukette Hall 413 N Broadway | 2023-08-17 | Offer | 915 S Iris | Mount Pleasant | IA | 52641 | |
| IWU Mt Pleasant LLC | |||||||
| Parking Spot W Broad St | Offer | 1101 W 9th St Apt 202 | Davenport | IA | 528043783 | ||
| Mt Pleasant School District | |||||||
| Practice Field Maple Leif DR | 2023-10-07 | $115,000 | Offer | 307 E Monroe | Mount Pleasant | IA | 52641 |
| SW Holdings LLCC | |||||||
| Parking Spots 5 | 2023-11-17 | $25,000 | Offer | PO Box 326 | Mount Pleasant | IA | 52641 |
| Various businesses and individuals | |||||||
| Moveable Equipment | 2023-08-28 | $593,623 | Offer | ||||
| Various businesses and individuals | |||||||
| Art Auction | 2023-08-28 | $250,028 | offer | ||||
| Mt Pleasant Correctional Facility | |||||||
| Misc Items | 2023-09-01 | $29,960 | offer | E Washington | Mount Pleasant | IA | 52641 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Director Of Successor | false | DirectorOfSuccessorInd |
| Employee Of Successor | false | EmployeeOfSuccessorInd |
| Owner Of Successor | false | OwnerOfSuccessorInd |
| Receive Compensation | false | ReceiveCompensationInd |
| Assets Distributed | Yes (true) | AssetsDistributedInd |
| Required To Notify AG | Yes (true) | RequiredToNotifyAGInd |
| Attorney General Notified | Yes (true) | AttorneyGeneralNotifiedInd |
| Liabilities Paid | Yes (true) | LiabilitiesPaidInd |
| Bonds Outstanding | false | BondsOutstandingInd |
| Bond Liabilities Discharged | false | BondLiabilitiesDischargedInd |
| Director Of Successor2 | false | DirectorOfSuccessor2Ind |
| Employee Of Successor2 | false | EmployeeOfSuccessor2Ind |
| Owner Of Successor2 | false | OwnerOfSuccessor2Ind |
| Receive Compensation2 | false | ReceiveCompensation2Ind |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Management duties delegation Part VI line 3 | The liquidation was monitored and controled by the USDA |
| Form 990 governing body review Part VI line 11 | The remaining governing board will be furnished a copy of the final 990 prior to filing. |
| Conflict of interest policy compliance Part VI line 12c | The university trustees voluntarily report conflicts and abstain from voting on issues in which conflicts exist . |
| Governing documents etc available to public Part VI line 19 | These documents will be made available to the public upon request. |
| Cessation of or significant change to any program service Part III line 3 | Line 3 - All operations ceased on May 31,2023 |
| Explanation of other changes in net assets or fund balances Part XI line 9 | Please refer to detail disclosure on Schedule A Part VI |
| List of other fees for services expenses Part IX line 11g | Fees charged on liquidation |
| Part XI response or note to any line in Part XI | The balance sheet was cleared and all value turned over in payment of debt. Please refer to Schedule A Part VI for a more detailed explanation of our liquidation. |